Financial Daily from THE HINDU group of publications
Sunday, Mar 20, 2005
Foreign posting with take-home of Rs 54-lakh plus a year!
Mr Kumar Gautam of IIM-B
Bangalore , March 19
MR Kumar Gautam, 27 years old, couldn't have had it better. In May this year, he's going to be Senior Analyst - Trading Desk at Lehman Brothers, Tokyo. And the annual salary he'll take home is a mind-boggling Rs 54 lakh plus bonuses.
Mr Gautam and three of his fellow students from the graduating batch of the Indian Institute of Management, Bangalore have been handpicked by the global investing banking company for half-a-crore salaries.
Speaking to Business Line, Mr Gautam admitted he did not have to negotiate for the salary as his summer internship was with the same company and he had received a pre-placement offer a few months ago. "What is good is that I like the work I'm going to be doing and of course, the money is very exciting."
Mr Gautam, who has previously worked in Microsoft in the US, decided to return home for his management education. "I decided to go against the tide and return home as I had firm belief in the quality of education and opportunities at the IIMs."
Highest Indian offer: Mr Ranvir Singh, who's got the highest Indian offer of Rs 16 lakh from McKinsey & Co, turned down a foreign offer in favour of an Indian one. "National Kidney Foundation, Singapore, where I did my summer internship offered me a job, but I decided to take up this offer as it (being an analyst) gives multi-functional and multi-industrial exposure." On whether there is a correlation between academic performance and placements, Mr Singh thought that it was `not much.' "It is more so for consulting companies and not for investment banking companies."
Mr Gautam said that though companies have an "inclination to short-list better performers," it's not always true that students with better academic performance get better pay packets.
78 firms, 328 offers
THIS year's campus placement process at the IIMB saw 78 companies making 328 offers to 190 students. And 53 of these were foreign offers.
Apart from traditional foreign locations such as New York, London, Hong Kong and Tokyo, this year saw offers being made in Egypt, Turkey, Bahrain and Shanghai. Lehman Brothers, Tokyo made the highest salary offer of Rs 54 lakh to four students. Cognizant Technologies was one of the highest recruiters with 33 offers and 27 acceptances. The highest Indian salary was Rs 16 lakh per annum and the median salary about Rs 8.75 lakh.
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